The Rio de Janeiro-based explorer appointed Paulo Narcelio Simoes Amaral as Chief Financial Officer, replacing Roberto Monteiro, who was fired last week while he led negotiations in
New York with holders of OGX’s $3.6 billion of dollar debt.
Amaral was previously the CFO at telephone company Brasil
Telecom SA from 2007 to 2009.

The management change comes as OGX is seeking cash to
continue operations long enough to start producing oil from
Tubarao Martelo, its next production project. OGX probably will
ask bondholders for more cash as part of a debt restructuring
plan, Chief Executive Officer Luiz Carneiro said Sept. 12. The
company has $44.5 million in interest payments on its 2022 bond
due Oct. 1 and $108.9 million on its 2018 notes due Dec. 1.

While filing for bankruptcy protection is a possibility,
OGX expects to avoid the proceedings in a restructuring that may
see Batista cede control of his flagship company, Carneiro said.
Bondholders last month hired Rothschild to advise on
restructuring talks, while OGX hired Blackstone Group LP.